Bitcoin exchange Mt.Gox will return $8,7 billion worth of BTC to creditors in July

Against the background of this news, the asset’s exchange rate fell by 5% over the day

24.06.2024 - 10:15

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What’s new? Trustee of the bitcoin exchange Mt.Gox, which went bankrupt in 2014, Nobuaki Kobayashi has announced payments to affected customers in bitcoins and Bitcoin Cash (BCH). The company has already made the necessary preparations by providing secure and compliant repayment mechanisms, users will start receiving their assets in early July this year.

Trustee statement

What else is known? Over the years of the Mt.Gox bankruptcy procedure, participants in the crypto community have repeatedly expressed concerns that payments to the exchange’s clients will put pressure on the rates of digital assets. Thus, since the termination of the exchange in February 2014, the bitcoin rate has grown 74 times.

At the same time, amid the publication of Kobayashi’s announcement on June 24, the value of the first cryptocurrency plummeted by 5%, and the asset is trading at $61 276, which is the lowest since mid-May. The BCH exchange rate also fell 9% to $355, its lowest since early March.

Back in September 2023, the trustee reported that creditors would be reimbursed 142 000 bitcoins and 143 000 BCH, as well as 69 billion Japanese yen. Customers began receiving their first fiat payments at the end of 2023. Then the exchange mistakenly sent them double payouts and called for a partial refund, threatening legal consequences.

K33: Payouts to FTX customers may offset selling pressure from Mt. Gox and Gemini lenders

FTX customers will be compensated in cash, unlike Mt. Gox and Gemini customers who will receive cryptocurrencies

In May this year, the exchange moved all of its bitcoins to a new address in preparation for payments. At current exchange rates, cryptocurrencies to be distributed to users are estimated at $8,7 billion.

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